Weinstein Trading and Fading

Lots of trading today and a fun day with my son

I was lucky enough to get to spend the day with my son and show him what I do everyday. He was very interesting in how the trades work and the price movements. I started to teach him about moving averages and how to calculate an average and probabilities. It was a lot of fun and its amazing how quickly he caught on. At eight years old he is growing up fast.
Today actually looked like it might not only be a slow but possibly negative. I had mixed feelings about it as I thought that if I did lose money I would explain that process to him. so I guess I was ready for either a good day or negative day but I was hoping we would be making some trades and I was not let down in that.
I closed out RYAAY my carryover from last week and while it was smaller than it should have been I walked away with a small gain

RYAAY + 19

RS first a short of only 50 shares (thats all that was lifted from my offer) and then later a long stopped out + 35

BW GAPUP that started out good but missed my exit two times during the day. frustrating. Worth holding though and I wanted to short in the close but was caught up trading TM into the close and missed it. Will be looking for premarket strength to short into as I will hold overnight. + 22

CNQ Gapup+2 fade. Currently offering above the HOD and will do again tomorrow premarket looking for a down day tomorrow. + 56

ME NEAR B8 shorted above the first move over 17 small looking to get some from this near B8. + 43

TM urgggg, news related trade and shorted into the close. Would have rather I didn’t. Will be looking to get out in aftermarket trading. currently 0 but likely will end up a loser for the day.

UNIS was my one big trade today. ramped up with huge volume and went along for the ride two times. Was not able to short or I would have really killed this stock. I closed out most of my trade when I received a short signal and that was very near the top so even though I didn’t hold much size and scalped much of the gain I was able to grab a large amount from the core long. Went long one more time after a pullback but it didn’t seem to have much left in it so exited with a small gain and then the price fell shortly after right into the close. + 412

+ 590

 

Wow!! Must be fun. What did he say? Did he like it?

I asked my 4yrs once after showing the chart that which way it'll go - up or down... and I still regret for not acting on his wise advice...

 

It was a very busy day and that helped along with making money so it was all good. Mom called twice to see if she should pick him up and both times he said he wanted to stay.

It was a lot of fun and probably more for Dad than for him as I don't get to spend nearly enough time with my boys.

He even was able to "put on a trade" with the SPY in afterhours. He made $2 after commission but it was with my SIM account but I think he thought it was cool and I don't think he noticed it was a sim account because he asked if he could have the money.....LOL

 

And the market keeps rolling higher

This would include BW which was a gap up that I held overnight. I was able to buy and sell some and ended up just slightly more short at the end of today than yesterday. I took some realized losses and my basis moved up a lot. Looks like this will turn into a loser as the volume has dried up and I will have to try to make the best of it during the open tomorrow. For another overnight I shorted LLEN in aftermarket trading. Canadian dollar reached parity for a while with the US dollar today. The Fed released that they would continue to buy Treasuries but the bond futs didn’t seem to think much of if and barely moved higher for the day. I was hoping that after the announcement that I would get a chance to fade a rally in the bonds. It didn’t happen. I have to wonder what the market is going to look like if some bad news hits for the bond futures.

Lots of B8s or near B8 signals today. Most I have seen in months.
ANR B8 + 65
BW hold over gap up still short – 461
CMA went long and took a stop out and then went short and gained it back. Interesting how it came to be about even as I was not paying attention to it but closed it out with less than 30 seconds to go for the day.
CNQ I was lifted 87 shares of an offer in afterhours trading last night. closed it out shortly after the opening bell. + 64
LLEN shorted in afterhours trading looking for a pullback to 14ish. So far small short.
OVTI gave an intraday overbought signal and almost a B8 as well. Didn’t try to get to much and it didn’t offer to much but was a good trade all around. I did not put on a large size as the movement was from a buyout rumor and the price action looked like it could be true and at a higher price. I did trade this again near the close when it broke the intraday trend line and didn’t make much but was still good. + 208
TM + 7 This one was frustrating. Took a loss last night in afterhours of about 40 and kept some shares overnight but forgot to move the price down and was probably hit the very second the premarket trading began as TM was trading 40 cents lower when I checked it after waking.
ZANE I went long with a tight stop in case I was the last guy on the bus. I wasn’t the last one but nearly so. + 30

- 83

 

For sure one of the most active days in months.

I have some trades I am really proud about and others I wish I didn’t have to claim. Easily the most shares traded in one day this year.
PALM shot up and I started out long and it looked like it was done so I covered and shorted. I was very wrong. I traded it back and forth but in the end it turned into a big loser. I am unsure what made me think it was a good idea to short it and I will be spending a lot of time on that one. I can say that I think it will end up folding in light of all the other phones that I think are better but that really wasn’t good enough reason to trade it the way that I did. – 578

BGG intraday overbought + 76
BW holdover from yesterday and day before. This one ends as a net gain but rather small. For a trade that went very bad it did have a good ending though. I netted about + 30 overall. + 466
FAST + 7
FRX + 7
HUSA was a wild ride today. After an online article bashed the company it dropped about 25%. I watched this go lower and lower all day and wanted to join in but was busy with PALM so I avoided it as I didn’t want to problem trades going at once. In afterhours it jumped up higher after the company gave a press release saying they thing everything is fine. I am unsure why that causes the stock to move up. Its not like they are going to say anything other than that. So I shorted it and went back and forth a few times. I also went long and did ok there but I did take a stop which took away some of the gain but it was a good trade. I thought this was going to be a lot better but when the buying pressure kept going when I was short I turned around took a stoploss and then went long. + 150

IP + 25

LLEN was my short from last night in afterhours. It is based on a pattern I have seen many times but the conditions have to be right. It opened and moved higher and I faded the move. It came back as expected and was a great trade that is actually my best trade of the day. + 443

MEE This sell off appears to be overdone. Was looking at writing some MAY puts as well. I will be looking for a move higher tomorrow + 92

MSM BW1 gapup + 72

NFLX was a loser and then I traded it again and ended up about even with it.

RIMM short stopped out + 6

STE BW1 gapup + 33

TSCO + 21

Now flat other than C which I am holding with a small gain.
+ 828

 

Not as busy as yesterday but busy none the less

I have also once again began posting my buy and sell average prices and performance on Covester.
My long with MEE worked out well today and with several trades with it today it brought some nice gains. I am also holding a small amount into tomorrow or longer while looking to sell puts on MEE.
I traded the 30yr bond today as well and would have liked to have sold calls for Jun but it didn’t get to the price I needed to enter. It did not take long for the bond futures to retrace off the highs today. I made a mistake in my order and so I closed it out and made one tick but would have liked to have made three while I was trying to build a core price with a higher average. It never again today made it that high so that was it with the bonds.
AIG short stopped out even
ANF Short based on the gap down. didn’t work out and took a stop. – 74
ARO intraday overbought and this was my best trade of the day. I did not get too aggressive with the size of the short but on the third bar I probably should have stepped on the gas a little harder. Still I made full target and executed the trade well. + 368
BYD short based on being at HOD while MGM was downgraded. It didn’t go anywhere so I walked. + 11
GPS stopped out + 3
HUSA this was a great stock in afterhours yesterday and I traded it both long in the open but was stopped out and then short near the end of the day. I also stayed at 100 shares most of the time and only went up to a max of 200 shares as I did not want to get caught on the wrong side of it as it appears many today found out how that is no fun. I was close to getting a oversold signal so I covered my short in the closing a little too early but after today and yesterdays drop shorting at 14.20ish seemed risky and I went with it because I have so often seen stocks continue to fall into the close that I basically grabbed on and hit the button. + 54
MEE was my overnight small trade that I traded several times today. I think it is a good company and when the news blows over like it always does people will be stepping up to buy so I am comfortable holding a small amount overnight. I was today and will be looking at selling puts on MEE for a longer term play. + 274
MGM technically it didn’t quite make it to a B8 but it was close enough that with the round number of 15 right there I went small and scalped it to make a few dollars with a careful eye on making sure that if it did make a B8 I would be in good shape to really hit the short hard. It took several trades back and forth to make it but it turned into a nice trade. + 113
PALM I took the otherside of PALM today and went long. Much better results than the short yesterday but still not adding anything to my PnL. I still am long a few shares in the green and will hold onto them. I am not a PALM fan but I do think that with the recent price move that for now it has seen a low and will drift higher as the more likely outcome in the short term. Hopefully a buyer signs up soon as I am not comfortable with the long term outlook absent a wonder product that changes the whole company. I know many like the PRE but I tried it last summer and gave it back. too many things about it I didn’t like. Had I been thinking about it I should have looked at the numbers and the dependency of the PRE and maybe shorted some calls but my brother was very impressed with the PRE and I thought maybe it was just me. – 5
ZB 30yr bond futs + 86

+ 833

 

Great Friday and even saw the Dow at 11K for a very brief moment

All winners today and some of the trades was about as hard as reaching out and catching money that falling from the sky. The spreads and the trades with BTH at times was amazing. I would take a stock like that anyday. a little less than a million shares traded today and the spreads at times exceeded 70 cents. I didn’t kill it as hard as maybe I could have but for never loading up I was able to keep going back and forth often catching 50 cent or more moves. A 20 cent move was more the norm but to be able to do it over and over again was truly wonderful.
I had to leave early for baseball practice with my son so I am recapping the day from home before I turn in for the night. So perhaps some of the details will be left out but all the trades are listed.
AIG news + 92
BTH + 444
HUSA +29
JEC + 26
MEE still long some MEE. I really like this stock at this price. Once the news blows over I see this moving back above 50 shortly. I am going to maintain a core and trade around it for a while and/or sell some puts against it to maintain exposure to it. + 200 ish
MUSA + 18 still have not found a way to get some of the bigger moves from this one. Largely staying away as the direction is not clear to me. Seems like it should continue downward if there is much truth to some of the negative internet articles but after the beating it took it may be done moving lower for a while
PALM seems like a BK candidate to me but with possible dates to the prom it made make it to the other side. I did hold overnight and covered in premarket. I was not happy about leaving my price as low as I did but I woke up to having be covered with a nice gain. The greed in me wished I would have been more greedy but it was still very good.

+ 830 ish as I don’t have the exact numbers at home and IB is shut down for the weekend.

 

Mixed day today

I covered some of MEE even in premarket trading but added some on dips and covered 100 shares with an April 47 call option. Still holding MEE and plan to hold and trade around the core and will be looking to write more options through the week as Friday is expiration day. Otherwise a slow day for the most part and as I didn’t get much sleep last night I am ready to go home shortly.

ABK long the new highs being made in the afternoon. Ended up scalping most of the gains which I was not overly happy about but better than taking a loss. I thought I would have been able to get more. I see in aftermarket trading its hitting new highs. + 142
AIG Trendline break in late afternoon short. Ran out of time and covered. + 10
ATLS missed a B8 short due to being very conservative on entry so close to the opening bell. I did end up shorting small to capture what appeared to be a possible nose dive. It didn’t happen so I covered. + 52
MEE covered some and bought more. still net long and now underwater again. +64
MIR gapup long but stopped out + 31
PALM tried to go long a couple of times but never could make any progress. Still long a small amount near even looking to exit in aftermarket – 16

+ 285

 

Active trading day

I traded a large amount of MIPI shares looking to see some carry though with the gap up but it was not meant to be. Closed out right after the bell. -805
MEE slid after the open for the rest of the day. covered all but the odd lot I have with options including those that expire of Friday and some in May. Currently still small underwater but comfortable with the options covering the stock. Was glad to see intel report good earnings and even more happy that MEE traded higher in after hours trading. Will most likely just sit tight with this trade until Friday and any shares that don’t get called away will get covered with May options as I want to hold this one for a while. If they all do get called away then it will be a nice gain and I can live with that as well.

Shorted BTH and wanted to short the closing but IB ran out of shares (I have a short of 200 shares). Great setup if IB would have the inventory for me to work with. Will be looking to exit in the open.

PALM this stock continues to be a problem for me trading it. My hold over from yesterday took a huge hit but I was able to trade about half the loss back today. I closed it out and called it good with this one for a while. – 97

SMSC nice setup but no volume. Dried up and walked away about as good as it was going to get. + 45

- 805

 

I made some late night trades with futures and some very early trades this morning as well

I ended up running late to the office as I wanted to be short the 30 yr bond but it started moving past my entry I did not leave the house. As it turns out it was the peak of the day but I end up closing out early. Late last night I traded the Canadian dollar which I like long term but I also think near term it may be due for a retracement. I shorted it a couple of times but there was enough buying that it would not give up anything today so I ended up walking away when I was stopped out with a very small gain. Took a loss for the day but NAV is higher today as MEE and options related did well. I am and will be watching UPS tonight and the open.

BTH opened near the HOD yesterday and kept going higher. Volume has dried up so I hung on thinking that if there is no volume to keep it going it will retrace. I did finally do so but not meaningful until late although I was able to trade it back and forth a few times which accounts my my loss. My current basis is almost right at the closing and I will be looking for a drop in price tomorrow. I became somewhat aggressive in shorting at the 54.75ish area and that worked out well short of one problem. I tried to hit an offer for a small cover of 100 shares at about 54.48 with the idea of then offering it out at 54.85ish area and I lifted 300 shares instead. I quickly was able to reshort another 100 shares at 54.59 but became a little conservative and tried to get over 54.60ish for the second 100 shares to balance out where I wanted to be. Right about then is when BTH fell off the cliff I had been waiting on all day and went under by basis and I covered some more on the way down. This should be a good one tomorrow especially if it gaps down but either way I expect to pull a nice gain out of it. Still short enough shares to take a gain that I was looking for. – 487

C covered some C today. I sold at 4.85 which appears a little early based on a price of about 5 in after market trading but I am still long and would like to pull a little off the table going into earnings. This is moving like earnings are going to be great and anything less may put some pressure on it. I will be watching to see if it comes back and if so I will add again as I have done many times with C over the last few weeks. + 119

CETV B8 unqual that broke support trendline and shorted it. I also shorted again when I was willing to hold overnight but only had a few shares lifted so I just took a small gain when it game back in the last minutes of trading + 88

LVS news + 27
MEE covered 100 shares at a loss and now actually a little over covered (less an odd lot of shares) with options. Price moved above my last purchase price and I was either going to cover so shares or sell another call option for friday and decided to just take some off and I could add it back on with a price drop. will be looking to roll over some of the options like the apr 47 calls tomorrow depending on price action. if the stock doesnt go anywhere the time decay will reach a point where the option is no longer protecting from a down move and I will probably roll over to either the next month or to a lower strike price exp on Friday. – 58

PALM, news and long but with very tight stop loss which turned out to be a good thing. + 53

RDN + 4
YUM after market trading. Not very happy that I didn’t hit this a lot harder over 43. stock was clearly priced for good earnings so when it moved over 43 I only shorted 100 shares. I will be watching it at the open but it appears weak already so I am unsure if it will be able to make a run higher tomorrow or not. + 54

ZB 30 yr futs + 17 (frustrating)

ZION + 12

- 170